A push to ban lawmakers from trading stocks is running into a thicket of technical questions that threaten to derail the effort
How would a ban work? and others would require members to either divest or place their assets in blind trusts run by third parties, restricting the ability of lawmakers to trade day to day.“Removal or ignorance of how your decisions might be affecting your financial interests is not complete when you’re dealing with a trust, because you know what went into it,” said
From a political perspective, the blind trust requirement appears to be the path of least resistance. On the other hand, a tax break permitted by a capital gains waiver — one way to address the tax question — could be a big financial windfall for someone with significant holdings. includes a provision that would allow members and spouses who are forced to divest to defer taxation on the gains of those investments.Nearly all proponents of a ban agree that the trading of individual stocks and commodities should be prohibited.
Good-government groups expect coverage of spouses to be one of the trickiest for members. Inclusion of spouses could open the door to carve-outs, such as allowing spouses to trade if they use money outside a joint account.
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